Aptitude - Simple Interest
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OverviewExercise"No one is as deaf as the man who will not listen."
- (Proverb)
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Principal:
The money borrowed or lent out for a certain period is called the principal or the sum.
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Interest:
Extra money paid for using other's money is called interest.
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Simple Interest (S.I.):
If the interest on a sum borrowed for certain period is reckoned uniformly, then it is called simple interest.
Let Principal = P, Rate = R% per annum (p.a.) and Time = T years. Then
| (i). Simple Intereest = |
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P x R x T |
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| 100 |
| (ii). P = |
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100 x S.I. |
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; R = |
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100 x S.I. |
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and T = |
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100 x S.I. |
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| R x T |
P x T |
P x R |
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